IMF suggests greater efforts to prevent further build-up of vulnerabilities

News Image

MG News | December 14, 2017 at 05:29 PM GMT+05:00

0:00

“Continued Exchange Rate flexibility need of the hour to facilitate external adjustment to support exports and economic growth”, says Mr. Herald Finger of IMF.

Pakistan recently concluded a 9 day discussion with IMF Staff Mission led by Herald Finger. The first of the post-program monitoring discussion since the end of Pakistan’s Extended Fund Arrangement (EFF) in September, 2016.

Mr. Herald Finger lauded the betterment of security conditions in the country by saying, “It has been a great pleasure for mission to hold productive discussions in Islamabad … reflective of the improved security situation in the country”.

The IMF Mission during the 9 day visit in Islamabad met with Pakistan’s Economic Team representing the business community and academics. He acknowledged Pakistan’s effort by saying that, “The Mission would like to thank the authorities for their hospitality and constructive dialogue”.

Mr. Finger suggested a need for sustainable growth and development, mentioning “economy’s resilience will be important to maintain Pakistan’s favorable growth momentum and ensure sustainable private investment”. Pakistan’s rising imports have posed a cumbersome challenge to the economy, prompting Mr. Herald Finger to mention the increase in fiscal deficit in the last year. He mentioned the need for “greater efforts to prevent further build-up of vulnerabilities and persevere hard-won macroeconomic stability”.

He said that the “the move by State Bank of Pakistan to allow adjustment of exchange rate is welcome”, which will help facilitate the “external adjustment in support of exports and economic growth”.

The meeting revolved around addressing challenges faced by the local economy to develop a sustainable framework to continue on the growth trajectory. Steps such as, “pursuing medium-term fiscal consolidation by broadening tax base, strengthening monetary policy framework, containing external stability risks, eliminating the losses of public sector enterprises, improving business climate” must be taken in an effort to support inclusive growth.

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg